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27 November 2021 The on-line newspaper devoted to the world of transports 21:54 GMT+1

November 3, 2021

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CMA CGM assumes the direct management of the container terminal at the Port of Los Angeles Pier 300

Agreement to buy 90% of the capital of Fenix Marine Services

The French cma CGM shipowning group has signed an agreement to acquire 90% of the capital of Fenix Marine Services (FMS), company that manages the container terminal at the docks 302-305 (Pier 300) of the Port of Los Angeles. The share of capital is currently owned by the EQT Infrastructure III fund of the Swedish EQT and the transalpine shipowning group has announced that the acquisition will take place on the basis of a value of the company quantified at 2.3 billion dollars. The rest 10% of the FMS is already owned by the CMA CGM, which with the transaction will thus become the sole owner of the US terminalist company.

Justifying the decision to proceed with the acquisition of the entire control of FMS, the chairman and ceo of CMA CGM, Rodolphe Saadé, noted that "the rapid recovery of the world economy has highlighted the importance of ports and logistics infrastructure. To manage the mode efficient our port operations on the west coast of the United States - explained Saadé - we decided to acquire Fenix Marine Services. Fenix Marine Services - underlined - it is one of the largest terminals of this nation and one of its most strategic gateways. It is a key industrial structure that will strengthen in a significant our position and will support our rapid growth in this market».

FMS container terminal has a traffic capacity annual amounting to about 2.5 million teu and the port infrastructure is managed under a concession contract that will expire in 2043. The landing is equipped with 16 quay cranes, of which eight capable of operating on high-quality carriers capacity. FMS has over 145 employees.

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